Mexico’s Ministry of the Economy has established new information requirements and regulations for providers of timeshare services. The new Official Mexican Norm (NOM) will be effective from mid July 2010.
The new NOM broadens the definition of timeshare service provider and prohibits them from using raffles, gifts, prizes or lodging certificates to offer their services without clearly explaining the purpose of the offer.
Consumers will be better protected as the NOM prohibits the use, sale or assignment of customer details for marketing purposes without written consent. There are also less onerous requirements for terminating a timeshare plan.
The norm also establishes procedural, content, and registration requirements for all timeshare sale and presale agreements, in addition to those in Mexico’s Consumer Protection Act and other applicable regulations.
Failure to comply with the new regulations may result in substantial fines and affect the enforceability of timeshare purchase agreements.